Investors sought refuge in the world’s leading currency, the dollar, while the euro at times cost less than it has since May 2020 at $1.0898. According to strategists, a surprisingly strong increase in jobs in the USA in February, with 678,000, did not provide any new insights for the US Federal Reserve. “An interest rate step in two weeks is almost certain, but because of the Ukraine war it will be a small one,” said Alexander Krüger from Hauck Aufhäuser Lampe Privatbank.
Meanwhile, the war launched by commodity giant Russia is fueling high inflation. Fear of delivery bottlenecks is increasing not only for oil, gas and industrial metals, but also for wheat. US futures rose four percent to a record high of $13.40 a bushel. “One in three bunches of wheat traded in the world comes from either Russia or Ukraine,” said Stanzl of CMC Markets. An end to the price rally is not in sight.